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International Speedway holders tender $62.96 million of 5.4% notes
By Devika Patel
Knoxville, Tenn., Nov. 9 - International Speedway Corp. said holders tendered $62.96 million of 5.4% senior notes due 2014 as part of the company's cash tender offer for up to $100 million of the notes. All of the notes were accepted for purchase.
"We are pleased with the results of the tender offer, which is another step in our ongoing efforts to further strengthen our financial position," senior vice president and chief financial officer Daniel Houser said in a press release. "We will benefit from the current favorable interest rate environment to refinance the tendered notes with lower cost alternatives while extending a significant portion of our near-term debt maturities."
The offer launched on Oct. 8 and expired at 8 a.m. ET on Nov. 8.
Holders who tendered their notes by 5 p.m. ET on Oct. 22, the early deadline, will receive $1,095 for each $1,000 of notes, which includes an early tender payment of $30 per note. Holders who tendered after the early tender date but by the expiration time will receive $1,065 for each $1,000 of notes.
The company will also pay interest up to, but not including, the settlement date, which was Oct. 25 for the early tender date and is expected to be Nov. 8 for notes tendered by the expiration but after the early deadline.
Banc of America Securities LLC (888 292-0070 or collect 980 388-9217, attn: debt advisory services) was the dealer manager.
The information agent was Global Bondholder Services Corp. (866 488-1500 or collect 212 430-3774 for banks and brokers).
International Speedway is a promoter of motorsports activities based in Daytona Beach, Fla. The company owns and/or operates 13 motorsports entertainment facilities.
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